This week,
SAGE Therapeutics announced the closing of its initial public offering of
5,750,000 shares of its common stock at a public offering price of $18.00 per
share. Before underwriting discounts, the offering includes the exercise in
full by the underwriters of an option to purchase up to 750,000 additional
shares of common stock.
Acting as
joint book-running managers for the offering were J.P. Morgan Securities LLC
and Goldman, Sachs & Co. Leerink Partners LLC acted as lead manager and
Canaccord Genuity Inc. acted as co-manager.
The Food
and Drug Administration recently granted fast track designation to development
program, SAGE-547. The program is an allosteric modulator of GABAA receptors in
development for the treatment of adult patients with refractory status
epilepticus who previously have not responded to standard procedures. SAGE is
currently evaluating SAGE-547 in a Phase 1/2 clinical trial for the treatment
of super-refractory status epilepticus (SRSE). Early data shows the first four
patients enrolled in the clinical trial met the key effective endpoint, leading
to each being successfully weaned off his or her anesthetic agent while
SAGE-547 was being administered. There have been no serious drug-related,
adverse events in these four patients reported to date.
“The fast
track designation for SAGE-547 recognizes the significant unmet need that
exists in the treatment of super-refractory status epilepticus,” commented Jeff
Jonas, MD, CEO of SAGE Therapeutics. “The receipt of orphan drug designation
earlier this year for status epilepticus and the fast track designation are
both significant regulatory milestones for SAGE-547, and we will continue to
work closely with the FDA to advance our lead compound and the additional
programs in our pipeline for the treatment of life-threatening CNS disorders.”
SAGE
Therapeutics is a biopharmaceutical company with a focus on developing and
marketing novel medicines to treat life-threatening, rare CNS disorders. Its
core program, SAGE-547, is in clinical development for super-refractory status
epilepticus and is the first of several compounds the company is developing in
its portfolio of potential seizure medicines.
For more
information, visit www.sagerx.com
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